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Nurofen maker Reckitt Benckiser faces a major headache this week as investors line up a big protest against the £23m pay package prepared for its chief executive Rakesh Kapoor.

Reckitt’s annual meeting on Thursday is expected to mark another skirmish in this year’s rowdy corporate governance season in which BP, Anglo American and Shire have already been humbled by large-scale investor protests.

Mr Kapoor is the second-highest paid boss in the FTSE 100 after WPP’s Sir Martin Sorrell, who last week defended his £70m pay packet for the year. According to the shareholder advisory service Manifest, the total of pay and incentives awarded to him or due to be under Reckitt’s proposed remuneration policy...